Linqto, which once privately purchased shares of Ripple, has filed for bankruptcy reorganization.

On July 8, Cointelegraph reported that Linqto, a private investment platform that allows investors to purchase shares in companies that have not yet gone public, has filed for Chapter 11 bankruptcy protection in the U.S. District Court for the Southern District of Texas.

According to disclosures, Linqto holds 4.70 million shares of Ripple purchased through the private market. The bankruptcy filing follows a statement last week by Ripple CEO Brad Garlinghouse, who clarified that while Linqto holds 4.70 million secondary market shares of Ripple, it has no business relationship with Ripple.